Iveda Products Spec’d into $20 Billion Taoyuan Aerotropolis Project, Taiwan’s Largest-Ever Urban Development Plan
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Rhea-AI Summary
Iveda (NASDAQ: IVDA) has announced its products are included in the Taoyuan Aerotropolis Project, a significant infrastructure plan in Taiwan spanning 4,564 hectares and expected to complete by 2028, with an emphasis on biotechnology, cloud computing, aviation, international logistics, smart automobiles, and green energy.
The project will generate $5 to $7 million in revenue for Iveda through its cloud management platform and AI intelligent video search technology. This involvement is seen as a boost for Iveda's growth trajectory within smart city initiatives.
Positive
- Iveda products spec'd into the $5-$7 million Taoyuan Aerotropolis Project.
- Recurring cloud hosting revenue expected from the IvedaXpress platform over 5 years.
- Partnership with Taoyuan International Airport enhances credibility and future prospects.
Negative
- None.
Details
News Market Reaction – IVDA
The recorded move for IVDA in the trading session of this news was -0.98%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MESA, Ariz, April 06, 2022 (GLOBE NEWSWIRE) -- Iveda (NASDAQ: IVDA), the worldwide provider of AI video search, Internet of Things (IoT), video surveillance and smart city digital transformation technologies, today announced that its products have been spec’d into the Taoyuan Aerotropolis Project.
This project is the largest national infrastructure plan consisting of ten major construction projects spanning 4,564 hectares (11,278 acres) beginning this year with completion expected in 2028. Central to the project is the expansion of the Taoyuan International Airport in Taiwan. Trade zones and industrial zones will be key additions. The project will prioritize six industries -- biotechnology, cloud computing industry, aviation, international logistics, smart automobile and green energy. Taiwan developers aspire to be a major economic and trading hub in Asia, energizing the flow of people, capital and information.
IvedaXpress IP cameras with its cloud management platform, IvedaAI intelligent video search platform for face recognition, object search and thermal detection, and weather and IR sensors for electric fences have been vetted and spec’d into the project. The ten construction companies contracted for the project must follow approved specifications for various products. The IvedaXpress cloud management platform that Iveda built at a Chunghwa Telecom data center will generate recurring cloud hosting revenue for five years.
“The Taoyuan International Airport has been a customer of Iveda Taiwan for many years,” said David Ly, CEO of Iveda. “We are proud to be a part of this massive expansion project, which will help fuel our growth trajectory and will be another showcase of Iveda’s smart city capabilities for similar projects worldwide. We estimate USD
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Iveda is a registered trademark of Iveda Solutions, Inc. IvedaAI and IvedaXpress are trademarks of Iveda Solutions, Inc. All other trademarks are property of their respective owners.
About Iveda
Iveda® (NASDAQ: IVDA) is the worldwide provider of IvedaAI™ intelligent video search technology, Sentir® and IvedaXpress™ video surveillance products, IvedaPinpoint™ and IvedaHome™ IoT (Internet of Things) platforms. Iveda offers digital transformation technologies for smart city applications. Iveda is headquartered in Mesa, Arizona. Iveda Taiwan (fka MEGAsys) is its wholly-owned subsidiary.
This release includes forward-looking statements. Actual results may vary materially from those expected. Iveda’s business is subject to significant risks and uncertainties described more thoroughly in the Company’s SEC filings, including but not limited to its Registration Statement on Form S-1 and Form 10-12g with audited financials for the year ended December 31, 2021 and December 31, 2020 and its subsequently filed quarterly reports on Form 10-Q. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Iveda's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Iveda
Ty Young
Director of Communications
Tel: +1 (623) 565-9320
Email: tyoung@iveda.com
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